Pearsons Property Auction Wednesday 19 October 2016
Commencing at 11am at The Hilton Hotel, Ageas Bowl Cricket Ground West End, Southampton SO30 3XH
Part of the national Auction House network
Notes from the Rostrum
After the success of the previous auction it is again reassuring to see that we have another good selection of lots and something here for all tastes. The auction room in August was buzzing, the woes of earlier months appear to have been forgotten and confidence was back. Upon reflection it would seem that with 13 out of the 15 lots sold and the remaining 2 achieving sales after the event, then auction is now a more popular way of buying and selling property. Once again we have a small plot of agricultural land in Lovedean, 3 flats ideal for investment, a shop with accommodation in Waterlooville and a nice little house by Southampton University campus. If you fancy a more semi-rural setting then there are 3 detached bungalows in Denmead/Horndean, an individual detached family residence with ½ acre plot at the end of a lane in Blackfield, plus a substantial 4 bedroom detached house in need of extensive updating, which stands on an acre in Durley village. Hopefully I will get the opportunity to talk to many of you in our auction room on the 19th October.
Steve Sprake FNAEA Auctioneer
SOLD SOLD SOLD
M 2 2 To 4 7 3 Southampton 3 Auction Venue Directions B B 3035
BOTLE D Y
A RO Hilton Hotel, Ageas Bowl, West End O AD R The Ageas H P Southampton SO30 3XH A R Bowl G E L
E T The Ageas Bowl is located just off junction 7 34 A3
Y of the M27 motorway, off the B3035 Botley A W
7 M 2 Road. Follow the brown tourist signs for the O M S O T T R A H Junction 7 W Ageas Bowl. Upon entering the complex, IL L S E L R AR O CH take the first exit on the roundabout and the A AY D W IKE P B N 3 A 0 R car park can be found on the left hand side. 2 3 U
7 6 To T Portsmouth
Pearsons Property Auction Wednesday 19 October 2016 Contents
04 Important Notice to Prospective Buyers
05 Lot 1 Flat 140 Butts Road, Sholing, Southampton, SO19 1BJ
06 Lot 2 Flat 10, Dukes Mill, Broadwater Road, Romsey, SO51 8PJ
07 Lot 3 51 Elm Grove, Southsea, Portsmouth, PO5 1JF
08 Lot 4 115 London Road, Waterlooville, Hampshire, PO7 7DZ
09 Lot 5 Plot 72, West of Lovedean Lane, Horndean, Waterlooville. PO8 0UA
10 Lot 6 76 Honeysuckle Road, Bassett, Southampton, SO16 3HQ
11 Lot 7 48 Hawthorn Road, Horndean, Waterlooville, PO8 0JA
12 Lot 8 Denton, Soake Road, Denmead, Waterlooville, PO7 6JA
13 Lot 9 Shelba, Soake Road, Denmead, Waterlooville, PO7 6JA
14 Lot 10 Lakeside, West Common, Blackfield, Southampton, SO45 1XJ
15 Lot 11 Oak Tree Cottage, Wintershill, Durley, SO32 2AH
16 Buyers Information
17 Sales Memorandum
18 Proxy/Telephone Bidding Facility
19 Terms and Conditions to Bid by Proxy/Telephone
20 Common Conditions of Sale Important notice to prospective buyers
uyers 1. Particulars of Sale 6. Sale of Property
to otice 1.1 Prospective Buyers are advised to check the Particulars of any 6.1 Buyers should note that a legally enforceable Contract of Sale of the property to ensure that they are satisfied as to the accuracy of all relevant property arises as soon as it has been “knocked down” to the measurements, areas, details of leases and all other matters subject to Buyer at the Auction. which the property is sold or has the benefit of. This should be done by making an inspection of the Property and by making all necessary 6.2 The bidder must then complete and sign the Memorandum of Sale and enquiries with the Auctioneers and Vendor’s legal advisors. The pay the required deposit. In default of such being provided at once Prospective Buyer should also make all necessary searches Pearsons will be entitled to re-submit the property for sale and may rospective B and enquiries of appropriate authorities including local authorities. treat the Buyer as being in breach of Contract. Such action will be P N mportant
I All measurements and areas referred to in the Particulars are taken without prejudice to any claim there may be against the Buyer approximately only. for breach of Contract.
1.2 No warranty is given as to the accuracy of any photographs and plans 6.3 Before the end of the Auction, the successful bidder should arrange in the catalogue relating to the particular property to be offered for for a part of the Sale Memorandum to be signed by or on behalf of the sale. They are provided to assist only in the location of the property. Buyer. Unless the Seller agrees otherwise the property will only be 4 They should not be deemed to show the extent of the said property. transferred to the Buyer named in the Buyer’s Slip and Sale Memorandum or Contract completed by the successful bidder. 1.3 Prospective Buyers shall be deemed to have inspected the relevant Specific Buyers must be named. Properties cannot be transferred to property and to have made all necessary and appropriate enquiries an un named “nominee” or “agent”. and searches. 6.4 Unless otherwise stated in the Conditions of Sale, the property will be 2. Inspection at the Buyer’s risk on being sold at the Auction. The Buyer should Inspection of properties can only be made by prior arrangement and make his own arrangement for insurance immediately. with the consents of Pearsons. Pearsons should be approached to make the appropriate arrangements. 7. Deposit 7.1 The Buyer must provide a deposit cheque of 10% of the Purchase 3. Structure & Contamination Price subject to a minimum of £3,000 per lot on the relevant property 3.1 Prospective Buyers are strongly advised to consult their professional being “knocked down”. Cash deposits are not acceptable. advisers in respect of the structure and possible contamination or pollution of any property to be sold. If necessary a full structural 7.2 The deposit must be paid when the Memorandum of Sale is and environmental survey should be carried out by a professional completed. qualified person. 7.3 A separate deposit will be requested in respect of each lot purchased 3.2 No representation, warranty or undertaking whatsoever is made or made payable to Pearsons Southern Ltd. intended to be made in respect to: a) the state of the structure of any property or condition, any fixtures 7.4 Unless otherwise specified, cheques will be accepted. Cheques must fittings equipment or other items expressed to be included in the sale be drawn on a bank or branch of a bank in the United Kingdom. of any property Any other cheques may be rejected. b) the type of structure or whether such structure in adequate or properly constructed or otherwise whatsoever in relation to the 8. Proof of Identification state of repair of suitability of such structure or the fixtures fittings or Please ensure you bring with you on the day of the auction the following other equipment thereon original proof of identification, UK Driver’s Licence or Passport and Utility c) whether or not there is any contamination or pollution in relation to Bill. the property to be sold or any other property in the neighbourhood d) whether or not it complies with planning and building regulations Please note it is a requirement that you provide documentation to or any legislation relating to the environment or contamination, confirm your name and residential address. Please refer to the table table pollution or dangerous or potentially dangerous substances. printed at the bottom of the TERMS AND CONDITIONS TO BID BY PROXY page printed towards the back of this catalogue. 4. Conditions of Sale 4.1 9. Buyers Fee The attention of Prospective Buyers is drawn to the Conditions of 9.1 Each successful buyer or bidder will be required to pay the Sale relating to any property to be sold. Buyers should note that the Auctioneers Pearsons a non-refundable buyer’s fee of £425 plus VAT. Conditions of Sale relating to a particular property may be obtained On purchases below £10,000 the buyer’s fee will be £150 plus VAT. from Pearsons or the Vendor’s legal advisers. The fee becomes payable on each lot on the fall of the hammer.
4.2 Prospective Buyers should note that there may be additions or 9.2 We recommend that you always check the Special Conditions of Sale amendments to the Particulars or Conditions of Sale. relating to each property, so you are aware of any additional costs An Addendum relating to these amendments will be available at the involved. Auction. The Addendum will be attached to the sale Contract and form part of the Contract for Sale. 10. Completion Completion date is 20 working days from the auction date of the contract 4.3 Buyers will be deemed to have read and considered the Particulars, unless specifically stated in the Special Conditions of Sale. Conditions and Addendum and have full knowledge of these and all documents and other matters referred to. 11. Please Note that you will NOT be entitled to KEYS or access to vacant properties until completion of the sale. If access is required it may be 4.4 Prospective Buyers are strongly advised to consult their legal advisers arranged through our offices with the permission of the seller. A charge in respect of the matters referred to in this paragraph. will be levied if an accompanied viewing is necessary. Once we are advised by the seller’s solicitors completion has occurred the keys 5. Prior Sales will be available for collection at our offices of the local key holder. 5.1 Prospective Buyers are strongly advised that they should contact If arrangements are made to post the keys, Pearsons take no responsibility Pearsons on the morning of the Auction to enquire whether a for their delivery. particular lot will be offered for sale at Auction or whether it has been withdrawn or sold.
5.2 Neither Pearsons nor the Seller will be responsible for any losses or abortive costs incurred by the Prospective Buyer’s in respect of Lots which are either withdrawn or sold prior to the Auction. Lot 1 Flat 140 Butts Road, Sholing, Southampton, SO19 1BJ 1 lot
5
• 2 Bedroom First Floor Flat • In Need of Modernisation • Benefits From Communal Parking to the Rear • Would Suit Investor
023 8039 3255
24 Portsmouth Road, Woolston, Southampton, Hampshire, SO19 9AB E-mail: [email protected]
TENURE LEASEHOLD GUIDE PRICE £55,000 - £65,000 LOCATION The property is located within the heart of Sholing, offering a number of facilities such as Sholing Community Centre Pre School, St Andrews Methodist Church and local shops such as Tesco Express. Sholing benefits from a local railway station providing easy access into Southampton and other areas. Sholing is also within an easy distance by car to the M27 Motorway, linking the North and South. DESCRIPTION This first floor two bedroom flat is located in the heart of Sholing and offers generous accommodation. The approach to the property is via an external staircase to the rear of the building leading to the front door. Also to the rear of the property is communal parking. The flat would benefit from modernisation. An opportunity to enhance the property makes this an ideal project for cash buyers only. ACCOMMODATION The accommodation comprises; kitchen, lounge, Inner hall, 2 bedrooms and a bathroom. To the rear of the property is communal parking. EPC See legal pack for the report, current EPC rating G. Lot 2 Flat 10, Dukes Mill, Broadwater Road, Romsey, SO51 8PJ 2 t LO
6
• 2 Bed First Floor Flat • 58 Years Remaining on Lease • Good Central Location • Rental Income £7,800 pa
01794 514516
44 The Hundred, Romsey, Hampshire, SO51 8BX E-mail: [email protected]
TENURE LEASEHOLD GUIDE PRICE £125,000 - £130,000 LOCATION Dukes Mill is well positioned within the heart of Romsey town centre offering many independent shops and amenities that include a bus and train station. Romsey resides next to the River Test and there is good transport links to Winchester via the M3 and Southampton via the M27. DESCRIPTION This spacious two bedroom purpose built first floor apartment is located in a good central location. This is an ideal investment with a current rental income of £7,800 pa, but would equally suit the buyer seeking a pleasant home. ACCOMMODATION The accommodation comprises a hallway, lounge, kitchen, bathroom and two bedrooms. EPC See legal pack for the report, current EPC rating C. Lot 3 51 Elm Grove, Southsea, Portsmouth, PO5 1JF 3 lot
7
• A Three Bedroom Leasehold First Floor Apartment • In Need of Modernisation • Could be split into a Two Bedroom Flat & a Studio Flat (Subject to Planning)
023 9273 5558
35 Marmion Road, Southsea, Hampshire, PO5 2AT E-mail: [email protected]
TENURE LEASEHOLD GUIDE PRICE £110,000 LOCATION Elm Grove is a handy location, which is just north of the main town centre, offering a good selection of shops and restaurants. Palmerston Road shopping precinct is within a comfortable stroll, as is Southsea Common and the sea front. Bus services pass close by linking other parts of the city. DESCRIPTION This three bedroom, first floor apartment which is in need of modernisation, could be easily split into a two bedroom flat and a studio flat. The property benefits from the majority of the windows being double glazed and also from central heating. An opportunity to enhance the property makes this an ideal project for speculative buyers. ACCOMMODATION The accommodation comprises for the possible two bedroom flat; entrance hall, hallway, kitchen/diner, lounge, bedroom one, bedroom two and bathroom and for the possible rear flat the accommodation comprises; hallway, kitchen, bedroom three and bathroom. EPC See legal pack for the report, current EPC rating D. Lot 4 115 London Road, Waterlooville, Hampshire, PO7 7DZ 4 t LO
8
• Freehold Shop or Restaurant with Self Contained Living Accommodation Above • A3 Consent on Ground Floor with Outside Seating Area • Premises Benefits from a Garage and Ample Storage • Highly Prominent Position on Pedestrianised High Street 01962 855885
22 City Business Centre, Winchester, Hampshire, SO23 7TA E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £275,000 - £300,000 LOCATION Waterlooville is west of junction 3 of the A3M and has an urban population of approximately 65,000 and a district population of approximately 117,000, and is set for significant growth in the forthcoming years. The property is situated in a prominent position in the pedestrianised section of the High Street, opposite the Boulevard. Nearby occupiers included Costa Coffee, WH Smith and the Halifax Bank. DESCRIPTION The property comprises a two-storey building constructed in the 1930s of brick elevations. The majority of the ground floor was previously used as a restaurant and is set up to accommodate this. On the first floor there is a self contained 2 bedroom flat, which is accessed from the rear of the property. The property also benefits from a large store room, single garage and office. The shop and premises are currently assessed as having a rateable value of £16,000,subject to checks with Havant Borough Council. ACCOMMODATION The ground floor premises comprises; restaurant area, kitchen, hallway leading to separate male and female customer cloakrooms and staff cloakroom. The accommodation comprises; conservatory, kitchen, landing, cloakroom, 2 bedrooms, bathroom and living room. EPC See legal pack for the report, current residential EPC rating D, Non Domestic rating D. Lot 5 Plot 72, West of Lovedean Lane, Horndean, Waterlooville. PO8 0UA 5 lot
9
• Freehold Plot of Agricultural Land • Extending to Aproximately 0.44 Acre • A rare opportuntiy at an affordable price
023 8047 4274
62 High Street, West End, Southampton, Hampshire, SO30 3DT E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £7,500 - £8,500 LOCATION Plot 72 will be found on the west side of Lovedean Lane, on the hill slopes up beyond Kingswood Farm. It is roughly midway between Lovedean and Clanfield village. The approach is via a single track lane with gated access to this unspoilt landscape. DESCRIPTION This is a rare opportunity to purchase a freehold plot of agricultural land which extends to around 0.44 acre, measuring 112m x 16m. There are restrictions as to its usage, but would be ideal for growing flowers, vegetables, fruits or hobbies such as bee keeping or used as an area for relaxation. Lot 6 76 Honeysuckle Road, Bassett, Southampton, SO16 3HQ 6 t LO
10
• 3 Bedroom Semi Detached House • Partially Renovated, In Need of Completion • Off Road Parking and Good Size Rear Garden • Would Suit Investors Looking for a Project
023 8023 3288
58-60 London Road, Southampton, SO15 2AH E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £140,000 - £150,000 LOCATION The property is set within the established location of Bassett, providing access to local shopping facilities. The location also benefits from being close to the University of Southampton Highfield Campus and Southampton Common. Honeysuckle Road provides easy access into Southampton City Centre, via the local bus routes providing comprehensive shopping facilities. There is also easy access by car to the M27 and M3 Motorways linking the North and South. DESCRIPTION This three bedroom semi detached house has been partially renovated and is in an established residential area, which may suit investors or possibly those seeking a project requiring completion. The property has the advantage of parking to the front as well as a good size rear garden. An opportunity to enhance the property makes this an ideal project for speculative buyers or a family. ACCOMMODATION The accommodation comprises; entrance hall, sitting room, kitchen/diner, rear lobby and cloakroom on the ground floor with three bedrooms and a bathroom/wet room on the first floor. The rear garden is partially laid to lawn and benefits from a patio area and timber shed for storage. EPC See legal pack for the report, current EPC rating F. Lot 7 48 Hawthorn Road, Horndean, Waterlooville, PO8 0JA 7 lot
11
• 3 Bedroom Detached Bungalow • In Need of Updating and Modernisation • Off Road Parking and Gargage • Stunning Countryside Views
023 9259 1717
41 Drift Road, Clanfield, Waterlooville, Hampshire, PO8 0JS E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £225,000 - £250,000 LOCATION Horndean is a popular residential area with the benefit of local shopping, schools, doctors surgeries and regular bus services. Convenient for the access to the A3 (M) with rail links at Petersfield and Rowlands Castle. DESCRIPTION This three bedroom detached bungalow with a lower level store room is in need of updating and modernisation, however benefits from double glazed windows, central heating, off road parking, single garage and a enclosed rear garden. An opportunity to enhance the property makes this an ideal project for speculative buyers or for a family. ACCOMMODATION The accommodation is all on one level and comprises; entrance hall, lounge, kitchen/diner, three bedrooms and a shower room, with a useful store room below. Outside there is a good size front garden with drive way and garage. To the rear is an elevated patio area, leading down to an area of shrubs, borders and paved patio. EPC See legal pack for the report, current EPC D. Lot 8 Denton, Soake Road, Denmead, Waterlooville, PO7 6JA 8 t LO
12
• 2 Bedroom Detached Bungalow • Requiring General Improvement • Set within a Sought After Non Estate Position • Parking and Good Size Rear Garden
023 9225 9151
Hambledon Road, Denmead, PO7 6NU E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £200,000 - £225,000 LOCATION The property is set within a sought after non estate position in a semi rural location, midway between the locations of Denmead and Waterlooville. Denmead itself offers a good range of shops, restaurants, post office, health centre, Infant and Junior School. Nearby Waterlooville offers more comprehensive amenities such as, leisure centre, banks and high street shops. The A3 (M) is approximately 2 miles to the East providing a link to the North and South. DESCRIPTION This two bedroom detached bungalow is set in a non estate sought after location. The property offers generous size living accommodation, however is in need of general improvement. The property benefits from double glazing. An opportunity to enhance the property makes this an ideal project for a speculative buyer or family. ACCOMMODATION The accommodation comprises; entrance hall, lounge, dining room, kitchen, conservatory, two bedrooms and a bathroom. The property also benefits from having mature gardens to the front with drive and hard standing and a good size rear garden, which is mostly lawned with two greenhouses, garden shed and solid fuel store. EPC See legal pack for the report, current EPC rating G. Lot 9 Shelba, Soake Road, Denmead, Waterlooville, PO7 6JA 9 lot
13
• 2 Bedroom Detached Bungalow • Requiring General Modernisation and Updating • Set within a Sought After Non Estate Position • Good Size Plot with 4 Green Houses, Garage & Parking
023 9225 9151
Hambledon Road, Denmead, PO7 6NU E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £250,000 - £275,000 LOCATION The property is set within a sought after non estate position adjoining a paddock midway between the location of Denmead and Waterlooville. Denmead itself offers a good range of shops, restaurants, post office, health centre, Infant and Junior School. Nearby Waterlooville offers more comprehensive amenities such as, leisure centre, banks and high street shops. The A3 (M) is approximately 2 miles to the East providing a link to the North and South. DESCRIPTION This two bedroom detached bungalow is set in a non estate sought after location adjoining a paddock. The property offers generous size living accommodation, however is in need of general modernisation. The property benefits from an oil fired boiler and garage. An opportunity to enhance the property makes this an ideal project for a speculative buyer or family. ACCOMMODATION The accommodation comprises; entrance hall, lounge, kitchen/diner, conservatory, two bedrooms and a bathroom. The property also benefits from having ample parking to the front and a good size rear garden, which currently contains four green houses and an oil tank with 2,500 litre capacity. EPC See legal pack for the report, current EPC rating F. Lot 10 Lakeside, West Common, Blackfield, Southampton, SO45 1XJ 10 t LO
14
• 5 Bedroom Detached Familly Home • Set in Approximately Half an Acre • Located in the New Forest National Park • Previoulsy Used as a Bed & Breakfast
023 8084 4131
7 & 9 The Marsh, Hythe, Southampton, Hampshire, SO45 6AJ E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £650,000 - £695,000 LOCATION The property is situated in the idyllic location of the New Forest National Park and bordering the Exbury Estate. The property can be found at the end of a quiet lane, yet within easy reach of local amenities. DESCRIPTION Lakeside is a spacious and versatile family home set in established gardens of approximately half an acre. The property was previously used as a Bed & Breakfast and has all the appropriate facilities including UPVC double glazing and oil fired central heating. The property is approached over a private road with double opening gates offering access to the drive -way with ample parking. The attractive gardens offer a high degree of seclusion. Lakeside is a delightful family home. ACCOMMODATION The accommodation comprises; reception hall, kitchen/breakfast room, sitting room with wood burner, dining room, garden room, five bedrooms of which four are en-suite. The family home is set within mature gardens, which is mainly laid to lawn and benefits from a patio area. The attractive garden offers a high degree of seclusion. EPC See legal pack for the report, current EPC rating E. L o t 11 Oak Tree Cottage, Wintershill, Durley, SO32 2AH 11 lot
15
• 4 Bedroom Detached Cottage • Set Within a Plot of Approximatley One Acre of Formal Gardens • Requiring Complete Refurbishment and Modernisation • Gated Driveway, Parking and Garaging
023 8047 7377
62 High Street, West End, Southampton, SO30 3DT E-mail: [email protected]
TENURE FREEHOLD GUIDE PRICE £495,000 LOCATION The property is set among beautiful countryside on the edge of Durley. The property is within easy reach of Bishops Waltham, Winchester and Southampton, with good road access to motorways, railway stations and excellent local schooling. DESCRIPTION A beautiful detached cottage set within a plot of approximately one acre of formal gardens. Requiring complete refurbishment and modernization, however the property offers generous size living accommodation. The cottage is full of character and would make an ideal family home. Whether it is to live in or an investment it is more suited to cash buyers. ACCOMMODATION The accommodation comprises; hallway, sitting room, dining room, family room, kitchen, utility room and cloakroom on the ground floor with a bathroom and four bedrooms, one of which is the master bedroom and is en- suite on the first floor. Outside there are mature gardens which are principally laid to lawn with mature fruit trees. There is also a block of 4 single garages and a gated driveway from the road leading to a parking area to the side of the property. The garden is well stocked with flowers, bushes and trees and adjoins the open countryside. EPC See legal pack for the report, current EPC rating F. Identification Documents Important Notice Money Laundering Regulations 2003 came into effect on 1st March 2004.
As a requirement under this legislation, Identity Documents Evidence of Address any person buying or bidding at auction
information • Current signed passport • Local Authority tax bill (current year) MUST produce documentation to • Current full UK photo card driving • Utility bill issued within the last confirm their name and residential licence. Provisional driving 3 months address. Please find a schedule of licence will not be accepted. buyers acceptable documentation. • Current full UK driving license (old • Resident Permit issued by the Home version). Provisional driving licence You must provide one document from Office to EU Nationals will not be accepted. each list. • Inland Revenue Tax Notification • Bank, Building Society or Credit Please note that a driving license can be • Firearms Certificate Union statement 16 used as evidence for one or the other • Most recent original mortgage BUT NOT BOTH. statement from a UK lender
Pre-Auction Offers Pre-auction offers must be submitted in writing to the Auctioneers’ office by letter or email, including name, address, telephone number and details of solicitors. Any pre-auction offer received is assumed to be a ‘best offer’ and no guarantee is given that there will be an opportunity to increase or review the offer should it not be accepted or should a better offer be received. Pre-auction offers can only be considered on the basis of an exchange of contracts prior to auction with a 10% deposit and payment of the Auctioneers’ administration fee. If an offer is accepted the lot will not be withdrawn from the catalogue or advertising programme until exchange of contracts has taken place.
Catalogue Mailing List Catalogues are available for each auction and to be added to our mailing list, please complete the form below.
Name......
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Additional Auction Services Legal documents Legal documents for some of the lots are now or will be available online. Where you see the relevant icon on the website, you will be able to download the documents. Online Live Visit www.eigroup.co.uk and select Online Auctions. Choose the auction and then Viewing Gallery. You will see details of the lot being offered and can watch the bidding as it happens. It is not possible to bid using this service. Sale Memorandum
Property Lot No Address
The Purchaser Tel
Of Address inc MEMORANDUMSALES Postcode
The Vendor Tel 17
Of Address inc Postcode
It is agreed that the Vendor sells and the Purchaser buys the property described in the accompanying particulars and *conditions of sale subject to their provisions and the terms and stipulations in them at the price above mentioned.
£ Purchase Price
£ Less Deposit
£ Balance
Dated
Completion Date As per Special Conditions of Sale or Twenty Business Days after the Contract Date
Signed Authorised Agent for Vendor
Dated
Signed The Purchaser
Purchaser’s Solicitor
Postcode Tel
Vendor’s Solicitor
Postcode Tel
*For the purpose of this contract, the conditions of sale include the three sections of the RICS Common Auction Conditions, the Glossary, Conduct of the Auction and the General Conditions. Proxy/Telephone Bidding Facility Please also sign and return the terms & conditions on page 19
Authorisation for bidding by proxy or telephone Proxy Telephone acility F elephone Name: Name of Company (if applicable): /T
Address: idding roxy B P Postcode:
Tel: Mobile: Email:
18 property & bid details
Lot No: Property Address:
My maximum bid (proxy bids only) wil be: £
(amount in words):
I hereby authorise Pearsons staff to bid on my behalf on the terms and conditions set out overleaf headed “Proxy or Telephone Bidding”, which I confirm I have read, understood and signed a copy of which is attached. * I request that Pearsons first attempt to contact me on the telephone at the relevant time to enable me to bid myself. If a telephone link cannot be established for whatever reason, Pearsons are authorised to bid on my behalf under these terms (* Delete if telephone bid is not required).
deposit (tick as applicable)
I attach a cheque for 10% of my proxy bid or £3000, whichever is the greater, plus £510 inc VAT (Administration Charge) and any buyers premium payable as per any description in the catalogue or legal pack. OR I attach a blank cheque to be completed by the Auctioneer if my bid is successful, within which he will include £510 inc VAT (Administration Charge) and any buyers premium payable as per any description in the catalogue or legal pack.
My cheque of £ is made payable to PEARSONS
(amount if applicable)
Solicitors
Solicitors Name:
Address:
Postcode:
Tel: Person Acting:
If my bid is successful, I authorise the Auctioneer to sign the Memorandum of Sale on my behalf and recognise that I will be the legally bound purchaser of the property referred to above and must complete the purchase of the property within the time specified in the General/Special Conditions of Sale.
Signed: Date: Terms and Conditions
to bid by Proxy/Telephone elephone
Please Note: Minimum Deposit for each telephone bid is £3,000 /T onditions
Anyone not able to attend the auction to make their own bids may utilise the facilities available for telephone, C or written, bids on the following terms and conditions: roxy and 1. The bidder must complete a separate authority form for each 8. In the event that the telephone/written bid is successful the Lot involved, and provide a clearing bank cheque for 10% of Auctioneer will sign the Sale Memorandum on behalf of the maximum amount of the bid for each Lot. Please note the the bidder (a Contract will have been formed on the fall of the erms T minimum deposit for any telephone bid is £3,000 per lot. hammer). bid P to by
2. The form must be sent to, or delivered to: Pearsons, 62 High 9. In the event of a Contract, the deposit cheque will be applied Street, West End, Southampton, SO30 3DT to arrive before so far as necessary to meet the requirement for a 10% deposit 6pm two working days prior to the start of the auction. It is (minimum £3,000) and the balance of the deposit (if any) will 19 the bidder’s responsibility to check that the form is received by be returned to the bidder. Pearsons and this can be done by telephoning the office. 10. In the event that the bidder is unsuccessful, the deposit cheque 3. The bidder shall be deemed to have read the “Important will be returned to the bidder promptly. Notice to Prospective Buyers”; the particulars of the relevant Lot in the catalogue; the general and special conditions of 11. Once delivered to the Auctioneers, the authority to bid is sale. The bidder shall be deemed to have taken all necessary binding on the bidder on the day on which the particular professional and legal advice and to have made enquiries Lot is auctioned. This is to allow for the possibility of a and have knowledge of any announcements to be made from Vendor agreeing to sell post auction where the bidding has not the rostrum of any amendments relating to the relevant Lot. reached the reserve. Announcements can and should be checked by bidders on the day before the auction however the Auctioneers will advise 12. The authority can only be withdrawn by notification in the bidders of any announcements as soon as possible prior to writing delivered to Pearsons at their office two hours before the Auction. the start of the auction on the day the relevant Lot is scheduled to be auctioned, or by delivery into the hands of the Auctioneer 4. In the case of telephone bids, at about the time that the Lot in the auction room half an hour before the start of that day’s come up for auction attempts will be made to contact the auction. It is the bidder’s responsibility to obtain confirmation bidder by telephone and, if successful, the bidder may then of receipt on a copy of the withdrawal notification signed by compete in the bidding. one of the Auctioneers and without such a receipt the authority Otherwise the Auctioneers will not bid beyond the maximum stands and any subsequent Contract is binding on the bidder. authorised amount except by prior written arrangement. 13. If the bidder, or an agent, actually bids at the auction without 5. In the event that the telephone link is not established, or having previously withdrawn the authority, the Auctioneer is breaks down, or there is any confusion or disruption, Pearsons at liberty to accept such a bid in addition to any bid from will bid/continue to bid on behalf of the bidder up to the Pearsons staff as empowered under the telephone/written maximum of the authorisation. authority. Pearsons would have no liability whatsoever if the price achieved is the result only of this competition in bidding 6. In the case of written bids, Pearsons staff will compete in the without intervention from other bidders. bidding up to the maximum of authorisation. I hereby confirm that I have read and understood the above 7. Pearsons reserve the right not to bid on behalf of telephone terms and conditions to bid by telephone/letter written bidders, in the event of any error, doubt, omission, Signed: uncertainty as to the bid, or for any reason whatsoever, and give no warranty, or guarantee, that a bid will be made on Date: behalf of the bidder and accept no liability. Please sign this page and ensure the form overleaf is completed.
IMPORTANT NOTICE - Money Laundering Regulations PLEASE NOTE THAT any person buying or bidding at auction, MUST produce documentation to confirm their name and residential address. Please find below a schedule of acceptable documentation.You must provide one document from each list.
Identity documents: Evidence of address: • Current signed passport • Current full UK driving licence (old version) (Provisional Driving Licence will not be accepted) • Current UK Photo card driving licence • A utility bill issued within the last 3 months • Current full UK driving licence (old version) (Provisional Driving Licence will not be accepted) • Local authority tax bill (current year) • Resident permit issued by the Home Office to EU Nationals • Bank, building society or credit union statement • Inland Revenue Tax Notification • Most recent mortgage statement from a UK lender • Firearms Certificate
Please note that a driving licence can be used as evidence for either one or the other BUT NOT BOTH. Common Auction Conditions
Introduction Financial charge A3.5 Where there is a reserve price the seller may bid (or ask us or The Common Auction Conditions have been produced for real estate auctions A charge to secure a loan or other financial indebtness (not including a another agent to bid on the seller’s behalf) up to the reserve price in England and Wales to set a common standard across the industry. They are rentcharge). but may not make a bid equal to or exceeding the reserve price. in three sections: You accept that it is possible that all the bids up to the reserve price General conditions are bids made by or on behalf of the seller. Glossary That part of the sale conditions so headed, including any extra general The glossary gives special meanings to certain words used in both sets of conditions. A3.6 Where a guide price (or range of prices) is given that guide is the conditions. minimum price at which, or range of prices within which, the seller Interest rate might be prepared to sell at the date of the guide price. But guide Auction Conduct Conditions If not specified in the special conditions, 4% above the base rate from time prices may change. The last published guide price will normally be at or above The Auction Conduct Conditions govern the relationship between the to time of Barclays Bank plc. (The interest rate will also apply to judgment any reserve price but not always – as the seller may fix the final reserve price auctioneer and anyone who has a catalogue, or who attends or bids at the debts, if applicable). just before bidding commences. auction. They cannot be changed without the auctioneer’s agreement. Lot A4. The particulars and other information These conditions are set out in a two-part notice to bidders in the auction Each separate property described in the catalogue or (as the case may be) catalogue, part one containing advisory material – and part two the auction the property that the seller has agreed to sell and the buyer to buy (including A4.1 We have taken reasonable care to prepare particulars that correctly conduct conditions. chattels, if any). descried each lot. The particulars are based on information COMMON AUCTION COMMON supplied by or on behalf of the seller. You need to check that the CONDITIONS OF SALE Sale Conditions Old arrears information in the particulars is correct. The Sale Conditions govern the agreement between each seller and buyer. Arrears due under any of the tenancies that are not “new tenancies” as defined They include general conditions of sale set out herein. The sale of each lot is by the Landlord and Tenant (Covenants) Act 1995. A4.2 If the special conditions do not contain a description of the lot, or also subject to special conditions of sale, tenancy and arrears schedules which simply refer to the relevant lot number, you take the risk that the are available from the Auctioneer. Particulars description contained in the particulars is incomplete or The section of the catalogue that contains descriptions of each lot (as varied inaccurate, as the particulars have not been prepared by a Important Notice by any addendum). conveyancer and are not intended to form part of a legal contract. A prudent buyer will, before bidding for a lot at an auction: • Take professional advice from a conveyancer and, in appropriate Practitioner A4.3 The particulars and the sale conditions may change prior to the cases, a chartered surveyor and an accountant; An insolvency practitioner for the purposes of the Insolvency Act 1986 (or, in auction and it is your responsibility to check that you have the 20 • Read the conditions; relation to jurisdictions outside the United Kingdom, any similar official). correct versions. • Inspect the lot; • Carry out usual searches and make usual enquiries; Price A4.4 If we provide information, or a copy of a document, provided by • Check the content of all available leases and other documents The price that the buyer agrees to pay for the lot. others we do so only on the basis that we are not responsible for the relating to the lot; accuracy of that information or document. • Check that what is said about the lot in the catalogue is accurate; Ready to complete • Have finance available for the deposit and purchase price; Ready willing and able to complete: if completion would enable the seller to A5. The contract • Check whether VAT registration and election is advisable; discharge all financial charges secured on the lot that have to be discharged by completion, then those outstanding financial charges do not prevent the seller A5.1 A successful bid is one we accept as such (normally on the fall of the The conditions assume that the buyer has acted like a prudent buyer. from being ready to complete. hammer). This condition A5 applies to you if you make the successful bid for a lot. If you choose to buy a lot without taking these normal precautions you do so Sale conditions at your own risk. The general conditions as varied by any special conditions or addendum. A5.2 You are obliged to buy the lot on the terms of the sale memorandum at the price you bid plus VAT (if applicable). Glossary Sale memorandum This glossary applies to the auction conduct conditions and the sale conditions. The form so headed (whether or not set out in the catalogue) in which the A5.3 You must before leaving the auction: terms of the contract for the sale of the lot are recorded. a) provide all the information we reasonably need from you to Wherever it makes sense: enable us to complete the sale memorandum (including proof • singular words can be read as plurals, and plurals as singular words; Seller of identity if required by us); • a “person” includes a corporate body; The person selling the lot. If two or more are jointly the seller their obligations b) sign the completed sale memorandum; and • words of one gender include the other genders; can be enforced against the jointly or against each of them separately. c) pay the deposit. • references to legislation are to that legislation as it may have been modified or re-enacted by the date of the auction or the contract Special conditions A5.4 If you do not we may either: date (as applicable); and Those of the sale conditions so headed that relate to the lot. a) as agent for the seller treat that failure as your repudiation of • where the following words printed in bold black type appear in bold the contract and offer the lot for sale again; the seller may then blue type they have the specified meanings. Tenancies have a claim against you for breach of contract; or Tenancies, leases, licences to occupy and agreements for lease and any b) sign the sale memorandum on your behalf. Actual completion date documents varying or supplemental to them. The date when completion takes place or is treated as taking place for the A5.5 The deposit: purposes of apportionment and calculating interest. Tenancy schedule a) is to be held as stakeholder where VAT would be chargeable on The tenancy schedule (if any) forming part of the special conditions. the deposit were it to be held as agent for the seller, but Addendum otherwise is to be held as stated in the sale conditions; and An amendment or addition to the conditions or to the particulars, or to both, Transfer b) must be paid in pounds sterling by cheque or by bankers whether contained in a supplement to the catalogue, a written notice from the Transfer includes a conveyance or assignment (and “to transfer” includes “to draft made payable to Pearsons Southern Ltd on an approved auctioneers or an oral announcement at the auction. convey” or “to assign”). financial institution. The extra auction conduct conditions may state if we can accept any other form of payment. Agreed completion date TUPE Subject to condition G9.3: The Transfer of Undertakings (Protection of Employment) Regulations 2006. A5.6 We may retain the sale memorandum signed by or on behalf of the a) the date specified in the special conditions; or seller until the deposit has been received in cleared funds. b) if no date is specified, 20 business days after the contract date; VAT but if that date is not a business day the first subsequent business Value Added Tax or tax of a similar nature. A5.7 If the buyer does not comply with its obligations under the contract day. then: VAT option a) you are personally liable to buy the lot even if you are acting as Approved financial institution An option to tax agent; and Any bank or building society that has signed up to the Banking Code or b) you must indemnify the seller in respect of any loss the seller Business Banking Code or is otherwise acceptable to the auctioneers. We (and us and our) incurs as a result of the buyer’s default. The auctioneers Arrears A5.8 Where the buyer is a company you warrant that the buyer is Arrears of rent and other sums due under the tenancies and still outstanding You (and your) properly constituted and able to buy the lot. on the actual completion date. Someone who has a copy of the catalogue or who attends or bids at the auction, whether or not a buyer. A6. Extra Auction Conduct Conditions Arrears Schedule The arrears schedule (if any) forming part of the special conditions. Auction conduct conditions A6.1 Despite any special conditions to the contrary the minimum deposit we will accept is £2,000 (or the total price, if less). A special Auction A1. Introduction condition may, however, require a higher minimum deposit. The auction advertised in the catalogue. A1.1 Words in bold blue type have special meanings which are defined in General conditions of sale Auction conduct conditions the Glossary. The conditions so headed, including any extra auction conduct conditions. Words in bold blue type have special meanings, which are defined in the A1.2 The catalogue is issued only on the basis that you accept these Glossary. Auctioneers auction conduct conditions. They govern our relationship with The auctioneers at the auction. you and cannot be disapplied or varied by the sale conditions (even These general conditions (including any extra general conditions) apply to by a condition purporting to replace the whole of the Common the contract except to the extent that they are varied by special conditions Business day Auction Conditions). They can be varied only if we agree. or by an addendum. Any day except (a) a Saturday or a Sunday; (b) a bank holiday in England and Wales; or (c) Good Friday or Christmas Day. A2. Our role G1. The lot Buyer A2.1 As agents for each seller we have authority to: The person who agrees to buy the lot or, if applicable, that person’s personal a) prepare the catalogue from information supplied by or on G1.1 The lot (including any rights to be granted or reserved, and any representatives: if two or more are jointly the buyer their obligations can be behalf of each seller; exclusions from it) is described in the special conditions, or if not enforced against them jointly or against each of them separately. b) offer each lot for sale; so described the lot is that referred to in the sale memorandum. c) sell each lot; Catalogue d) receive and hold deposits; G1.2 The lot is sold subject to any tenancies disclosed by the special The catalogue to which the conditions refer including any supplement to it. e) sign each sale memorandum; and conditions, but otherwise with vacant possession on completion. f) treat a contract as repudiated if the buyer fails to sign a sale Completion memorandum or pay a deposit as required by these auction G1.3 The lot is sold subject to all matters contained or referred to in Unless otherwise agreed between the seller and buyer (or their conveyancers) conduct conditions. the documents, but excluding any financial charges; these the the occasion when both seller and buyer have complied with their obligations seller must discharge on or before completion. under the contract and the balance of the price is unconditionally received in A2.2 Our decision on the conduct of the auction is final the seller’s conveyancer’s client account. G1.4 The lot is also sold subject to such of the following as may affect it, A2.3 We may cancel the auction, or alter the order in which lots are whether they arise before or after the contract date and whether or Condition offered for sale. We may also combine or divide lots. A lot may be not they are disclosed by the seller or are apparent from inspection One of the auction conduct conditions or sales conditions. sold or withdrawn from sale prior to the auction. of the lot or from the documents: a) matters registered or capable of registration as local land Contract A2.4 You acknowledge that to the extent permitted by law we owe you no charges; The contract by which the seller agrees to sell and the buyer agrees to buy duty of care and you have no claim against us for any loss. b) matters registered or capable of registration by any competent the lot. authority or under the provisions of any statute; A3. Bidding and reserve prices c) notices, orders, demands proposals and requirements of any Contract date competent authority; The date of the auction or, if the lot is not sold at the auction; A3.1 All bids are to be made in pounds sterling exclusive of any d) charges, notices, orders restrictions agreements and other a) the date the sale memorandum is signed by both the seller and the applicable VAT. matters relating to town and country planning, highways or buyer; or public health; b) if contracts are exchanged, the date of exchange. If the exchange is A3.2 We may refuse to accept a bid. We do not have to explain why. e) rights, easements, quasi-easements and wayleaves; not effected in person or by an irrevocable agreement to exchange f) outgoings and other liabilities; made by telephone, fax or electronic mail the date of exchange A3.3 If there is a dispute over bidding we are entitled to resolve it, and g) any interest which overrides, within the meaning of the Land is the date on which both parts have been signed and posted or our decision is final. Registration Act 2002; otherwise placed beyond normal retrieval. h) matters that ought to be disclosed by the searches and enquiries A3.4 Unless stated otherwise each lot is subject to a reserve price (which a prudent buyer would make, whether or not the buyer has made Documents may be fixed just before the lot is offered for sale). If no bid equals them; and Documents of title (including, if title is registered, the entries on the register or exceeds that reserve price the lot will be withdrawn from the i) anything the seller does not and could not reasonably know about. and the title plan) and other documents listed or referred to in the special auction. conditions relating to the lot.
G1.5 Where anything subject to which the lot is sold would expose the or make a requisition in relation to, any prior or superior title even a) the buyer is liable to pay interest; and seller to liability the buyer is to comply with it and indemnify the if it is referred to in the documents. b) the seller has given notice to the buyer at any time up to seller against any liability. completion requiring apportionment on the date from which G4.6 The seller (and, if relevant, the buyer) must produce to each other interest becomes payable by the buyer. G1.6 The seller must notify the buyer of any notices, orders, demands, confirmation of, or evidence of, their identity and that of their proposals and requirements of any competent authority of which mortgagees and attorneys (if any) as is necessary for the other to in which event income and outgoings are to be apportioned on the date from it learns after the contract date but the buyer must comply with comply with applicable Land Registry Rules when making which interest becomes payable by the buyer. them and keep the seller indemnified. application for registration of the transaction to which the conditions apply. G10.4 Apportionments are to be calculated on the basis that: G.17 The lot does not include any tenant’s or trade fixtures or fittings. a) the seller receives income and is liable for outgoings for the G5. Transfer whole of the day on which apportionment is to be made; G1.8 Where chattels are included in the lot the buyer takes them as they b) annual income and expenditure accrues at an equal daily rate are at completion and the seller is not liable if they are not fit for G5.1 Unless a form of transfer is prescribed by the special conditions: assuming 365 days in a year, and income and expenditure use. a) the buyer must supply a draft transfer to the seller at least ten relating to some other period accrues at an equal daily rate business days before the agreed completion date and the during the period to which it relates; and G1.9 The buyer buys with the full knowledge of: engrossment (signed as a deed by the buyer if condition G5.2 c) where the amount to be apportioned is not known at completion a) the documents, whether or not the buyer has read them; and applies) five business days before that date or (if later) two apportionment is to be made by reference to a reasonable b) the physical condition of the lot and what could reasonably be business days after the draft has been approved by the seller; estimate and further payment is to be made by seller or buyer discovered on inspection of it, whether or not the buyer has and as appropriate within five business days of the date when the inspected it. b) the seller must approve or revise the draft transfer within five amount is known. business days of receiving it from the buyer. G1.10 The buyer is not to rely on the information contained in the G11. Arrears particulars but may rely on the seller’s conveyancer’s written G5.2 If the seller remains liable in any respect in relation to the lot (or replies to preliminary enquiries to the extent stated in those replies. a tenancy) following completion the buyer is specifically to Part 1. Current rent covenant in the transfer to indemnify the seller against any G2. Deposit liability. G11.1 “Current rent” means, in respect of each of the tenancies subject to AUCTION COMMON CONDITIONS OF SALE which the lot is sold, the instalment of rent and other sums payable G2.1 The amount of the deposit is the greater of: G5.3 The seller cannot be required to transfer the lot to anyone other by the tenant in advance on the most recent rent payment date on or a) £2,000 (or the total price if this is less than that; and than the buyer, or by more than one transfer. within the four months preceding completion. b) 10% of the price (exclusive of any VAT on the price). G6. Completion G11.2 If on completion there are any arrears of current rent the buyer G2.2 The deposit must pay them, whether or not details of those arrears are given in a) must be paid in pounds sterling by cheque or banker’s draft G6.1 Completion is to take place at the offices of the seller’s conveyancer, the special conditions. drawn on an approved financial institution (or by any other or where the seller may reasonably require, on the agreed means of payment that the auctioneers may accept): and completion date. The seller can only be required to complete on a G11.3 Parts 2 and 3 of this condition G11 do not apply to arrears of b) is to be held as stakeholders unless the auction conduct business day between the hours of 0930 and 17.00. current rent. conditions provide that it is to be held as agent for the seller. 21 G6.2 The amount payable on completion is the balance of the price Part 2. Buyer to pay for arrears G2.3 Where the auctioneers hold the deposit as stakeholder they are adjusted to take account of apportionments plus (if applicable) VAT authorised to release it to the seller on completion or, if completion and interest. G11.4 Part 2 of this condition G11 applies where the special conditions does not take place, to the person entitled to it under the sale give details of arrears. conditions. G6.3 Payment is to be made in pounds sterling and only by: a) a direct transfer to the seller’s conveyancer’s client account; and G11.5 The buyer is on completion to pay, in addition to any other money G2.4 If a cheque for all or part of the deposit is not cleared on first b) the release of any deposit held by a stakeholder. then due, an amount equal to all arrears of which details are set out presentation the seller may treat the contract as at an end and bring in the special conditions. a claim against the buyer for breach of contract. G6.4 Unless the seller and the buyer otherwise agree, completion cannot take place until both have complied with their obligations G11.6 If those arrears are not old arrears the seller is to assign to the G2.5 Interest earned on the deposit (if any) belongs to the seller unless under the contract and the balance of the price is unconditionally buyer all rights that the seller has to recover those arrears. the sale conditions provide otherwise. received in the seller’s conveyancer’s client account. Part 3. Buyer not to pay for arrears G3. Between contract and completion G6.5 If completion takes place after 1400 hours for a reason other than the seller’s default it is to be treated, for the purposes of G11.7 Part 3 of this condition G11 applies where the special conditions: G3.1 Unless the special conditions state otherwise, the seller is to insure apportionment and calculating interest, as if it had taken place on a) so state; or the lot from and including the contract date to completion and: the next business day. b) Give no details of any arrears. a) produce to the buyer on request all relevant insurance details; b) pay premiums when due; G6.6 Where applicable the contract remains in force following G11.8 While any arrears due to the seller remain unpaid the buyer must: c) if the buyer so requests, and pays any additional premium, use completion. a) try to collect them in the ordinary course of management but reasonable endeavours to increase the sum insured or make need not take legal proceedings or forfeit the tenancy; other changes to the policy; G7. Notice to complete b) pay them to the seller within five business days of receipt in d) at the request of the buyer, use reasonable endeavours to have cleared funds (plus interest at the interest rate calculated on a the buyer’s interest noted on the policy if it does not cover a G7.1 The seller or the buyer may on or after the agreed completion date daily basis for each subsequent day’s delay in payment); contracting purchaser; but before completion give the other notice to complete within ten c) on request, at the cost of the seller, assign to the seller or as e) unless otherwise agreed, cancel the insurance at completion, business days (excluding the date on which the notice is given) the seller may direct the right to demand and sue for old apply for a refund of premium and (subject to the rights of any making time of the essence. arrears, such assignment to be in such form as the seller’s tenant or other third party) pay that refund to the buyer; and conveyancer may reasonably require; f) (subject to the rights of any tenant or other third party) hold on G7.2 The person giving the notice must be ready to complete. d) if reasonably required, allow the seller’s conveyancer to have on trust for the buyer any insurance payments that the seller loan the counterpart of any tenancy against an undertaking to receives in respect of loss or damage arising after the contract G7.3 If the buyer fails to comply with a notice to complete the seller may, hold it to the buyer’s order; date or assign to the buyer the benefit of any claim; without affecting any other remedy the seller has: e) not without the consent of the seller release any tenant or surety a) terminate the contract; from liability to pay arrears or accept a surrender of or forfeit and the buyer must on completion reimburse to the seller the cost b) claim the deposit and any interest on it if held by a stakeholder; any tenancy under which arrears are due; and of that insurance (to the extent not already paid by the buyer or a c) forfeit the deposit and any interest on it; f) if the buyer disposes of the lot prior to recovery of all arrears tenant or other third party) for the period from and including the d) resell the lot; and obtain from the buyer’s successor in title a covenant in favour of contract date to completion. e) claim damages from the buyer. the seller in similar form to part 3 of this condition G11.
G3.2 No damage to or destruction of the lot nor any deterioration in its G7.4 If the seller fails to comply with a notice to complete the buyer may, G11.9 Where the seller has the right to recover arrears it must not without condition, however caused, entitles the buyer to any reduction in without affecting any other remedy the buyer has: the buyer’s written consent bring insolvency proceedings against a price, or to delay completion or to refuse to complete. a) terminate the contract; and tenant or seek removal of goods from the lot. b) recover the deposit and any interest on it from the seller or, if G3.3 Section 47 of The Law of Property Act 1925 does not apply. applicable, a stakeholder. G12. Management
G3.4 Unless the buyer is already lawfully in occupation of the lot the G8. If the contract is brought to an end G12.1 This condition G12 applies where the lot is sold subject to buyer has no right to enter into occupation prior to completion. tenancies. If the contract is lawfully brought to an end: G4. Title and identity a) the buyer must return all papers to the seller and appoints the G12.2 The seller is to manage the lot in accordance with its standard seller its agent to cancel any registration of the contract; and management policies pending completion. G4.1 Unless condition G4.2 applies, the buyer accepts the title of the b) the seller must return the deposit and any interest on it to the seller to the lot as at the contract date and may raise no requisition buyer (and the buyer may claim it from the stakeholder, if G12.3 The seller must consult the buyer on all management issues that or objection except in relation to any matter that occurs after the applicable) unless the seller is entitled to forfeit the deposit would affect the buyer after completion (such as, but not limited to, contract date. under general condition G7.3. an application for licence; a rent review; a variation, surrender, agreement to surrender or proposed forfeiture of a tenancy, or a G4.2 If any of the documents are not made available before the auction G9. Landlord’s licence new tenancy or agreement to grant a new tenancy) and: the following provisions apply: a) The buyer may raise no requisition on or objection to any of the G9.1 Where the lot is or includes leasehold land and a licence to assign is a) the seller must comply with the buyer’s reasonable documents that is made available before the auction. required this condition G9 applies. requirements unless to do so would (but for the indemnity b) If the lot is registered land the seller is to give the buyer within in paragraph c)) expose the seller to a liability that the seller fivebusiness days of the contract date an official copy of the G9.2 The contract is conditional on that licence being obtained, by way would not otherwise have, in which case the seller may act entries on the register and title plan and, where noted on the of a formal licence if that is what the landlord lawfully requires. reasonably in such a way as to avoid that liability; register, of all documents subject to which the lot is being sold. b) if the seller gives the buyer notice of the seller’s intended act c) if the lot is not registered land the seller is to give the buyer G9.3 The agreed completion date is not to be earlier than the date five and the buyer does not object within five business days giving within five business days an abstract or epitome of title starting business days after the seller has given notice to the buyer that reasons for the objection the seller may act as the seller intends; from the root of title mentioned in the special conditions (or, licence has been obtained. and if none is mentioned, a good root of title more than fifteen years c) the buyer is to indemnify the seller against all loss or liability old) and must produce to the buyer the original or examined G9.4 The seller must: the seller incurs through acting as the buyer requires, or by copy of every relevant document. a) use all reasonable endeavours to obtain the licence required at reason of delay caused by the buyer. d) If title is in the course of registration, title is to consist of the seller’s expense; and certified copies of: b) enter into any authorised guarantee agreement properly G13. Rent deposits i. the application for registration of title made to the land required. registry; G13.1 This condition G13 applies where the seller is holding or is ii. the documents accompanying that application; G9.5 The buyer must: otherwise entitled to money by way of rent deposit in respect of a iii. evidence that all applicable stamp duty land tax relating to a) promptly provide references and other relevant information; and tenancy, in this condition G13 “rent deposit deed” means the deed that application has been paid; and b) comply with the landlord’s lawful requirements. or other document under which the rent deposit is held. iv. a letter under which the seller or its conveyancer agrees to use all reasonable endeavours to answer any requisitions G9.6 If within three months of the contract date (or such longer period G13.2 If the rent deposit is not assignable the seller must on completion raised by the land registry and to instruct the land as the seller and buyer agree) the licence has not been obtained hold the rent deposit on trust for the buyer and, subject to the terms registry to send the completed registration documents to the seller or the buyer may (if not then in breach of any obligation of the rent deposit deed, comply at the cost of the buyer with the the buyer. under this condition G9) by notice to the other terminate the buyer’s lawful instructions. e) The buyer has no right to object to or make requisitions on any contract at any time before licence is obtained. That termination title information more than seven business days after that is without prejudice to the claims of either seller or buyer for breach G13.3 Otherwise the seller must on completion pay and assign its interest information has been given to the buyer of this condition G9. in the rent deposit to the buyer under an assignment in which the buyer covenants with the seller to: G4.3 Unless otherwise stated in the special conditions the seller sells G10. Interest and apportionments with full title guarantee except that (and the transfer shall so a) observe and perform the seller’s covenants and conditions in provide): G10.1 If the actual completion date is after the agreed completion date the rent deposit deed and indemnify the seller in respect of any a) the covenant set out in section 3 of the Law of Property for any reason other than the seller’s default the buyer must pay breach; (Miscellaneous Provisions) Act 1994 shall not extend to matters interest at the interest rate on the price (less any deposit paid) from b) give notice of assignment to the tenant; and recorded in registers open to public inspection; these are to be the agreed completion date up to and including the actual c) give such direct covenant to the tenant as may be required by the treated as within the actual knowledge of the buyer; and completion date. rent deposit deed. b) the covenant set out in section 4 of the Law of Property (Miscellaneous Provisions) Act 1994 shall not extend to any G10.2 Subject to condition G11 the seller is not obliged to apportion or G14. VAT condition or tenant’s obligation relating to the state or condition account for any sum at completion unless the seller has received of the lot where the lot is leasehold property. that sum in cleared funds. The seller must pay to the buyer G14.1 Where a sale condition requires money to be paid or other after completion any sum to which the buyer is entitled that the consideration to be given, the payer must also pay any VAT that is G4.4 The transfer is to have effect as if expressly subject to all matters seller subsequently receives in cleared funds. chargeable on that money or consideration, but only if given a valid subject to which the lot is sold under the contract. VAT invoice. G10.3 Income and outgoings are to be apportioned at actual completion G4.5 The seller does not have to produce, nor may the buyer object to date unless; G14.2 Where the special conditions state that no VAT option has been made the seller confirms that none has been made by it or by any G20. TUPE company in the same VAT group nor will be prior to completion. G24. Tenancy renewals G20.1 If the special conditions state “There are no employees to which G15. Transfer as a going concern TUPE applies”, this is a warranty by the seller to this effect. G24.1 This condition G24 applies where the tenant under a tenancy has the right to remain in occupation under part 11 of the Landlord G15.1 Where the special conditions so state; G20.2 If the special conditions do not state “There are no employees to and Tenant Act 1954 (as amended), and references to notices and which TUPE applies” the following paragraphs apply: proceedings are to notices and proceedings under that Act. a) the seller and the buyer intend, and will take all practicable steps (short of an appeal) to procure, that the sale is treated as a a) The seller must notify the buyer of those employees whose G24.2 Where practicable, without exposing the seller to liability or transfer of a going concern; and contracts of employment transfer to the buyer on completion penalty, the seller must not without the consent of the buyer b) this condition G15 applies. (the “Transferring Employees”). This notification must be (which the buyer must not unreasonably withhold or delay), serve given to the buyer not less than fourteen days before or respond to any notice or begin or continue any proceedings. G15.2 The seller confirms that the seller completion. b) The buyer confirms it will comply with its obligation under G24.3 If the seller receives a notice the seller must send a copy to the a) is registered for VAT, either in the seller’s name or as a member TUPE and any special conditions in respect of the buyer within five business days and act as the buyer reasonably of the same VAT group; and Transferring Employees. directs in relation to it. b) has (unless the sale is a standard-rated supply) made in relation c) The buyer and the seller acknowledge that pursuant and to the lot a VAT option that remains valid and will not be subject to TUPE, the contracts of employment between G24.4 Following completion the buyer must: revoked before completion. the Transferring Employees and the seller will transfer to the buyer on completion. a) with the co-operation of the seller take immediate steps to G15.3 The buyer confirms that: d) The buyer is to keep the seller indemnified against all liability substitute itself as a party to the proceedings; for the Transferring Employees after completion. b) use all reasonable endeavours to conclude any proceedings
COMMON AUCTION COMMON a) it’s registered for VAT, either in the buyer’s name or as a or negotiations for the renewal of the tenancy and the CONDITIONS OF SALE member of a VAT group; G21. Environmental determination of any interim rent as soon as reasonably b) has made, or will make before completion, a VAT option in practicable at the best rent or rents reasonably obtainable; and relation to the lot and will not revoke it before or within three G21.1 This condition G21 only applies where the special conditions so c) if any increased rent is recovered from the tenant (whether as months after completion; provide. interim rent or under the renewed tenancy) account to c) article 5(2B) of the Value Added Tax (Specials Provisions) the seller for part of that increase that relates to the seller’s Order 1995 does not apply to it; and G21.2 The seller has made available such reports as the seller has as period of ownership of the lot within five business days of d) is not buying the lot as a nominee for another person. to the environmental condition of the lot and has given the buyer receipt of cleared funds. the opportunity to carry out investigations (whether or not the G15.4 The buyer is to give to the seller as early as possible before the buyer has read those reports or carried out any investigation) G24.5 The seller and the buyer are to bear their own costs in relation to agreed completion date evidence: and the buyer admits that the price takes into account the the renewal of the tenancy and any proceedings relating to this. 22 environmental condition of the lot. a) of the buyer’s VAT registration; G25. Warranties b) that the buyer has made a VAT option; and G21.3 The buyer agrees to indemnify the seller in respect of all liability c) that the VAT option has been notified in writing to HM for or resulting from the environmental condition of the lot. G25.1 Available warranties are listed in the special conditions. Revenue and Customs; G22. Service Charge G25.2 Where a warranty is assignable the seller must: and if it does not produce the relevant evidence at least two business days before the agreed completion date, condition G14.1 applies at completion. G22.1 This condition G22 applies where the lot is sold subject to a) on completion assign it to the buyer and give notice of tenancies that include service charge provisions. assignment to the person who gave the warranty: and G15.5 The buyer confirms that after completion the buyer intends to: b) apply for (and the seller and the buyer must use all reasonable G22.2 No apportionment is to be made at completion in respect of service endeavours to obtain) any consent to assign that is required. a) retain and manage the lot for the buyer’s own benefits a charges. If consent has not been obtained by completion the warranty continuing business as a going concern subject to and with the must be assigned within five business days after the consent benefit of the tenancies; and G22.3 Within two months after completion the seller must provide to the has been obtained. b) collect the rents payable under the tenancies and charge VAT buyer a detailed service charge account for the service charge year on them. current on completion showing: G25.3 If a warranty is not assignable the seller must after completion:
G15.6 If, after completion, it is found that the sale of the lot is not a a) service charge expenditure attributable to each tenancy; a) hold the warranty on trust for the buyer; and transfer of a going concern then: b) payments on account of service charge received from each b) at the buyer’s cost comply with such of the lawful instructions tenant; of the buyer in relation to the warranty as do not place the a) the seller’s conveyancer is to notify the buyer’s conveyancer of c) any amounts due from a tenant that have not been received; seller in breach of its terms or expose the seller to any liability that finding and provide a VAT invoice in respect of the sale of d) any service charge expenditure that is not attributable to any or penalty. the lot; tenancy and is for that reason irrecoverable. b) the buyer must within five business days of receipt of the VAT G26. No assignment invoice pay the seller the VAT due; and G22.4 In respect of each tenancy, if the service charge account shows c) if VAT is payable because the buyer has not complied with this that: The buyer must not assign, mortgage or otherwise transfer or part condition G15, the buyer must pay and indemnify the seller with the whole or any part of the buyer’s interest under this against all costs, interest, penalties or surcharges that the seller a) payments on account (whether received or still then due from contract. incurs as a result. a tenant) exceed attributable service charge expenditure, the seller must pay to the buyer an amount equal to the excess G27. Registration at the Land Registry G16. Capital allowances when it provides the service charge account; b) attributable service charge expenditure exceeds payment on G27.1 This condition G27.1 applies where the lot is leasehold and its sale G16.1 This condition G16 applies where the special conditions state that account (whether those payments have been received or are either triggers first registration or is a registrable disposition. The there are capital allowances available in respect to the lot. still then due), the buyer must use all reasonable endeavours buyer must at its own expense and as soon as is practicable: to recover the shortfall from the tenant at the next service G16.2 The seller is promptly to supply to the buyer all information charge reconciliation date and pay the amount so recovered to a) procure that it becomes registered at the Land Registry as reasonably required by the buyer in connection with the buyer’s the seller within five business days of receipt in cleared funds. proprietor of the lot; claim for capital allowances. b) procure that all rights granted and reserved by the lease under but in respect of payments on account that are still due from a which the lot is held are properly noted against the affected G16.3 The value to be attributed to those items on which capital tenant condition G11 (arrears) applies. titles; and allowances may be claimed is set out in the special conditions. c) provide the seller with an official copy of the register relating G22.5 In respect of service charge expenditure that is not attributable to such lease showing itself registered as proprietor. G16.4 The seller and buyer agree: to any tenancy the seller must pay the expenditure incurred in respect of the period before actual completion date and the buyer G27.2 This condition G27.2 applies where the lot comprises part a) to make an election on completion under Section 198 of the must pay the expenditure incurred in respect of the period after of a registered title. The buyer must at its own expense and as soon Capital Allowances Act 2001 to give effect to this condition actual completion date. Any necessary monetary adjustment is to as practicable: G16; and be made within five business days of the seller providing the b) to submit the value specified in the special conditions to the service charge account to the buyer. a) apply for registration of the transfer; H M Revenue and Customs for the purposes of their respective b) provide the seller with an official copy and title plan for the capital allowance computations. G22.6 If the seller holds any reserve or sinking fund on any account of buyer’s new title; and future service charge expenditure or a depreciation fund: c) join in any representations the seller may properly make to G17. Maintenance agreements Land Registry relating to the application. a) the seller must pay it (including any interest earned on it) to G17.1 The seller agrees to use reasonable endeavours to transfer to the buyer on completion; and G28. Notices and other communications the buyer, at the buyer’s cost, the benefit of the maintenance b) the buyer must covenant with the seller to hold it in accordance agreements specified in the special conditions. with the terms of the tenancies and to indemnify the seller if it G28.1 All communications, including notices, must be in writing. does not do so. Communication to or by the seller or the buyer may be given to or G17.2 The buyer must assume, and indemnify the seller in respect of, all by their conveyancers. liability under such contracts from the actual completion date. G23. Rent reviews G28.2 A communication may be relied on if: G18. Landlord and Tenant Act 1987 G23.1 This condition G23 applies where the lot is sold subject to a tenancy under which a rent review due on or before the actual a) delivered by hand; or G18.1 This condition G18 applies where the sale is a relevant disposal for completion date, has not been agreed or determined. b) made electronically and personally acknowledged (automatic the purposes of part 1 of the Landlord and Tenant Act 1987. acknowledgement does not count); or G23.2 The seller may continue negotiations or rent review proceedings c) there is proof that it was sent to the address of the person to G18.2 The seller warrants that the seller has complied with sections 5B up to the actual completion date but may not agree the level of the whom it is to be given (as specified in the sale memorandum) and 7 of that Act and that the requisite majority of qualifying revised rent or commence the rent review proceedings without the by a postal service that offers normally to deliver mail the next tenants has not accepted the offer written consent of the buyer, such consent not to be unreasonably following business day. withheld or delayed. G19. Sale by practitioner G28.3 A communication is to be treated as received: G23.3 Following completion the buyer must complete rent review G19.1 This condition G19 applies where the sale is by a practitioner negotiations or proceedings as soon as reasonably practicable but a) when delivered, if delivered by hand; or either as seller or as agent of the seller. may not agree the level of the revised rent without the written b) when personally acknowledged, if made electronically; consent of the seller, such consent not to be unreasonably withheld G19.2 The practitioner has been duly appointed and is empowered to sell or delayed. but if delivered or made after 1700 hours on a business day a the lot. communication is to be treated as received on the next business G23.4 The seller must promptly: day. G19.3 Neither the practitioner nor the firm or any member of the firm to which the practitioner belongs has any personal liability in a) give to the buyer full details of all rent review negotiations and G28.4 A communication sent by a postal service that offers normally to connection with the sale or the performance of the seller’s proceedings, including copies of all correspondence and other deliver mail the next following business day will be treated as obligations. The transfer is to include a declaration excluding the papers; and received on the second business day after it has been posted. personal liability. b) use all reasonable endeavours to substitute the buyer for the seller in any rent review proceedings. G29. Contracts (Rights of Third Parties) Act 1999 G19.4 The lot is sold: a) in whatever its condition at completion; G23.5 The seller and the buyer are to keep each other informed of the No one is intended to have any benefit under the contract pursuant b) for such title the seller may have; and progress of the rent review and have regard to any proposals the to the Contract (Rights of Third Parties) Act 1999. c) with no title guarantee; other makes in relation to it.
and the buyer has no right to terminate the contract or any other G23.6 When the rent review has been agreed or determined the buyer remedy if information provided about the lot is inaccurate, must account to the seller for any increased rent and interest incomplete or missing. recovered from the tenant that relates to the seller’s period of ownership within five business days of receipt of cleared funds. G19.5 Where relevant: G23.7 If a rent review is agreed or determined before completion but the a) the documents must include certified copies of those under increased rent and any interest recoverable from the tenant has which the practitioner is appointed, the document of not been received by completion the increased rent and any appointment and the practitioner’s acceptance of appointment; interest recoverable is to be treated as arrears. and b) the seller may require the transfer to be by the lender G23.8 The seller and the buyer are to bear their own costs in relation to exercising its power of sale under the Law of Property Act 1925. rent review negotiations and proceedings.
G19.6 The buyer understands this condition G19 and agrees that it is fair in the circumstances of a sale by a practitioner. Pearsons Property Auctions in association with Auction House
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To be held on Wednesday 7th December 2016 at 11am Contact the Auction Department for a free consultation.
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Andover Romsey Land & New Homes 1–2 Swan Court, East Street, Andover SP10 1EZ 44 The Hundred, Romsey SO51 8BX 62 High Street, Southampton SO30 3DT Sales & Lettings: 01264 353356 Sales: 01794 514516 | Lettings: 01794 521841 Tel: 023 8022 4436 [email protected] [email protected] [email protected]
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Denmead Southsea Block Management Hambledon Road, Denmead PO7 6NU 35 Marmion Road, Southsea PO5 2AT 2-4 New Road, Southampton, SO14 0AA Sales: 023 9225 9151 | Lettings: 023 9226 2611 Sales: 023 9273 5558 | Lettings: 023 9229 7878 Tel: 023 8023 7577 [email protected] [email protected] [email protected]
Fareham Waterlooville Survey & Valuation 21 West Street, Fareham PO16 0BG 77 London Road, Waterlooville PO7 7EL Fareham 01329 221895 Sales: 01329 288241 | Lettings: 01329 238396 Sales & Lettings: 023 9226 2611 Portsmouth 023 9248 6244 [email protected] [email protected] Southampton 023 8021 1929 Winchester 01962 761703 Havant West End [email protected] 7 North Street, Havant PO9 1PW 62 High Street, West End SO30 3DT Sales & Lettings: 023 9248 6244 Sales & Lettings: 023 8047 7377 [email protected] [email protected] Property Auctions Hythe Winchester 62 High Street, West End SO30 3DT 7–9 The Marsh, Hythe SO45 6AJ 3 Southgate Street, Winchester SO23 9DY Tel: 023 80 474 274 Sales & Lettings: 023 8084 4131 Sales & Lettings: 01962 853344 [email protected] [email protected] [email protected]